The Bank of Ghana (BoG) is advancing plans to adopt Non-Interest Banking and Finance (NIBF), signaling potential integration of Sukuk bonds to address infrastructure gaps.
Governor Dr. Johnson Asiama highlighted the model’s global traction exceeding $5.5 trillion during talks with religious leaders, positioning clergy as key allies for public education and ethical finance adoption.
Sukuk bonds, interest-free instruments backed by tangible assets, were underscored as proven tools. Nigeria’s $2.37 billion Sukuk programme funded 4,100km of roads and bridges, while South Africa’s 2014 debut raised $500 million, oversubscribed fourfold.
Ghana aims to replicate such successes to meet its $37.9 billion annual infrastructure shortfall, per UN estimates.
The initiative aligns with broader African adoption in Nigeria, Kenya, and South Africa, plus non-African markets like the UK and Malaysia. Though Ghana’s regulatory framework remains under development, BoG’s outreach signals intent to tap ethical finance for development without debt-based interest.